TL;DR Breakdown
- Chinese gaming firm, The9 is looking forward to the establishment of crypto mining facilities in Kazakhstan.
- The capacity of the crypto mining facility is rested at 200 Mega Watts.
- The project will be a partnership of The9 with local firms for hardware maintenance.
China has been known to be harsh when it comes to cryptocurrency mining firms. In the recent crackdown on mining firms by China’s regulatory authorities, a lot of crypto miners have decided to flee the nation in search of a safe haven. As the authorities continue to shut down crypto mining facilities, The9, the Chinese gaming, and internet firm has decided to expand its services to a new region.
The9 has decided to implement its new project of establishing new crypto mining facilities in Kazakhstan. For this, a subsidiary of the organization, NBTC, has decided to form an alliance with LGHSTR Ltd., a local firm. NBTC will own 51 percent of the company along with exercising control over the directors.
Crypto mining facilities power rested at 200 MW
The crypto mining facilities that come under the joint venture initiated by LGHSTR Ltd. and NBTC will operate at a capacity of 200 Mega Watts and will be building in around two years. The two organizations have signed a non-binding investment memorandum as they have finalized the terms of their agreement.
The mining facilities will be providing an output of 5 exahashes per second. The deadline for the implementation of the entire project has been put at the end of 2022. In a statement by the firm, the crypto mining facilities have been explained as a part of a major expansion project planned by The9.
Cai Zhifang, CEO of NBTC claims in his statement that he has devised a plan to properly restore nearly half of the hashing power of the organization that has been lost by October, adding new power by end of the year.
This is not the only deal that the organization has signed in Kazakhstan. Another deal was signed with Kazdigital Ltd., which is aimed at building a crypto mining site operating at a capacity of 100 megawatts.
